Prepare journal entries to record transactions for times bhd

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Reference no: EM132674784

Times Bhd with a capital of RM5,000,000 in 5,000,000 ordinary shares made a public offer of 30,000,000 ordinary shares at RM1.50 on the following terms:

On application 50 sen .

On allotment 50 sen .

On 1at call 25 sen

On 2nd and final call 25 sen

Applications were received for 40,000,000 ordinary shares. The directors rejected applications for 5,000,000 shares and allotted the shares on a pro-rata basis among the remaining applicants. Any surplus money on application was used to pay up on allotment. All monies due on the allotment and calls on the ordinary shares were duly received.

Required:

Problem 1: Prepare journal entries to record the above transactions

Reference no: EM132674784

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